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Supplemental Guarantor and Parent Company Condensed Financial Information (Tables)
 6 Months Ended
Jun. 29, 2012
Quarterly Financial Information Disclosure [Abstract]  
Condensed Statements Of Operations
Condensed Statements of Operations and Comprehensive Income (Loss)
Three Fiscal Months Ended June 29, 2012
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales:
 
 
 
 
 
 
 
 
 
Customers
$
—

 
$
535.5

 
$
942.6

 
$
—

 
$
1,478.1

Intercompany
21.6

 
—

 
11.5

 
(33.1
)
 
—

 
21.6

 
535.5

 
954.1

 
(33.1
)
 
1,478.1

Cost of sales
—

 
462.5

 
850.1

 
(11.5
)
 
1,301.1

Gross profit
21.6

 
73.0

 
104.0

 
(21.6
)
 
177.0

Selling, general and administrative expenses
11.4

 
40.4

 
74.2

 
(21.6
)
 
104.4

Operating income
10.2

 
32.6

 
29.8

 
—

 
72.6

Other income (expense)
—

 
(1.2
)
 
(12.3
)
 
—

 
(13.5
)
Interest income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(16.1
)
 
(22.8
)
 
(11.6
)
 
25.3

 
(25.2
)
Interest income
21.9

 
3.1

 
1.9

 
(25.3
)
 
1.6

 
5.8

 
(19.7
)
 
(9.7
)
 
—

 
(23.6
)
Income before income taxes
16.0

 
11.7

 
7.8

 
—

 
35.5

Income tax (provision) benefit
(5.6
)
 
(3.7
)
 
(2.7
)
 
—

 
(12.0
)
Equity in net income of subsidiaries and affiliated companies
11.5

 
3.5

 
—

 
(14.5
)
 
0.5

Net income including non-controlling interest
21.9

 
11.5

 
5.1

 
(14.5
)
 
24.0

Less: preferred stock dividends
0.1

 
—

 
—

 
—

 
0.1

Less: net income attributable to non-controlling interest
—

 
—

 
2.1

 
—

 
2.1

Net income attributable to Company common shareholders
$
21.8

 
$
11.5

 
$
3.0

 
$
(14.5
)
 
$
21.8

Comprehensive income (loss)
$
21.4

 
$
4.9

 
$
(57.5
)
 
$
(14.5
)
 
$
(45.7
)



Condensed Statements of Operations and Comprehensive Income (Loss)
Six Fiscal Months Ended June 29, 2012
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales:
 
 
 
 
 
 
 
 
 
Customers
$
—

 
$
1,066.8

 
$
1,843.8

 
$
—

 
$
2,910.6

Intercompany
28.9

 
—

 
23.1

 
(52.0
)
 
—

 
28.9

 
1,066.8

 
1,866.9

 
(52.0
)
 
2,910.6

Cost of sales
—

 
928.3

 
1,681.2

 
(23.1
)
 
2,586.4

Gross profit
28.9

 
138.5

 
185.7

 
(28.9
)
 
324.2

Selling, general and administrative expenses
23.1

 
71.6

 
132.4

 
(28.9
)
 
198.2

Operating income
5.8

 
66.9

 
53.3

 
—

 
126.0

Other income (expense)
—

 
(0.8
)
 
(5.9
)
 
—

 
(6.7
)
Interest income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(31.9
)
 
(45.9
)
 
(22.8
)
 
50.7

 
(49.9
)
Interest income
43.9

 
6.3

 
3.8

 
(50.7
)
 
3.3

 
12.0

 
(39.6
)
 
(19.0
)
 
—

 
(46.6
)
Income (loss) before income taxes
17.8

 
26.5

 
28.4

 
—

 
72.7

Income tax (provision) benefit
(6.4
)
 
(10.9
)
 
(5.6
)
 
—

 
(22.9
)
Equity in net income of subsidiaries
35.5

 
19.9

 
—

 
(54.9
)
 
0.5

Net income including non-controlling interest
46.9

 
35.5

 
22.8

 
(54.9
)
 
50.3

Less: preferred stock dividends
0.2

 
—

 
—

 
—

 
0.2

Less: net income attributable to non-controlling interest
—

 
—

 
3.4

 
—

 
3.4

Net income applicable to Company common shareholders
$
46.7

 
$
35.5

 
$
19.4

 
$
(54.9
)
 
$
46.7

Comprehensive income (loss)
$
47.1

 
$
30.7

 
$
7.8

 
$
(54.9
)
 
$
30.7
Condensed Balance Sheets
Condensed Balance Sheets
June 29, 2012
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.1

 
$
10.2

 
$
428.5

 
$
—

 
$
438.8

Receivables, net of allowances
—

 
306.6

 
907.0

 
—

 
1,213.6

Inventories, net
—

 
448.0

 
811.6

 
—

 
1,259.6

Deferred income taxes
—

 
25.8

 
13.2

 
—

 
39.0

Prepaid expenses and other
1.8

 
19.8

 
83.6

 
—

 
105.2

Total current assets
1.9

 
810.4

 
2,243.9

 
—

 
3,056.2

Property, plant and equipment, net
0.3

 
180.1

 
831.8

 
—

 
1,012.2

Deferred income taxes
—

 
2.0

 
22.9

 
—

 
24.9

Intercompany accounts
1,249.1

 
373.0

 
38.8

 
(1,660.9
)
 
—

Investment in subsidiaries
1,162.5

 
1,407.5

 
—

 
(2,570.0
)
 
—

Goodwill
—

 
0.8

 
164.2

 
—

 
165.0

Intangible assets, net
—

 
3.2

 
176.3

 
—

 
179.5

Unconsolidated affiliated companies
—

 
13.1

 
5.9

 
—

 
19.0

Other non-current assets
7.3

 
23.6

 
24.8

 
—

 
55.7

Total assets
$
2,421.1

 
$
2,813.7

 
$
3,508.6

 
$
(4,230.9
)
 
$
4,512.5

Liabilities and Total Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
106.9

 
$
862.7

 
$
—

 
$
969.6

Accrued liabilities
6.2

 
96.4

 
288.0

 
—

 
390.6

Current portion of long-term debt
10.4

 
—

 
218.3

 
—

 
228.7

Total current liabilities
16.6

 
203.3

 
1,369.0

 
—

 
1,588.9

Long-term debt
824.1

 
61.3

 
32.8

 
—

 
918.2

Deferred income taxes
148.0

 
(13.5
)
 
76.2

 
—

 
210.7

Intercompany accounts
—

 
1,287.9

 
373.0

 
(1,660.9
)
 
—

Other liabilities
—

 
112.2

 
135.0

 
—

 
247.2

Total liabilities
988.7

 
1,651.2

 
1,986.0

 
(1,660.9
)
 
2,965.0

Total Company shareholders’ equity
1,432.4

 
1,162.5

 
1,407.5

 
(2,570.0
)
 
1,432.4

Non-controlling interest
—

 
—

 
115.1

 
—

 
115.1

Total liabilities and equity
$
2,421.1

 
$
2,813.7

 
$
3,508.6

 
$
(4,230.9
)
 
$
4,512.5














Condensed Balance Sheets
December 31, 2011
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash
$
0.1

 
$
12.4

 
$
421.6

 
$
—

 
$
434.1

Receivables, net of allowances
—

 
247.0

 
833.9

 
—

 
1,080.9

Inventories
—

 
436.3

 
792.4

 
—

 
1,228.7

Deferred income taxes
—

 
25.4

 
18.0

 
—

 
43.4

Prepaid expenses and other
1.8

 
23.5

 
74.7

 
—

 
100.0

Total current assets
1.9

 
744.6

 
2,140.6

 
—

 
2,887.1

Property, plant and equipment, net
0.4

 
186.3

 
841.9

 
—

 
1,028.6

Deferred income taxes
—

 
1.9

 
16.7

 
—

 
18.6

Intercompany accounts
1,210.4

 
378.4

 
40.1

 
(1,628.9
)
 
—

Investment in subsidiaries
1,147.1

 
1,374.3

 
—

 
(2,521.4
)
 
—

Goodwill
—

 
0.8

 
164.1

 
—

 
164.9

Intangible assets, net
—

 
3.3

 
178.3

 
—

 
181.6

Unconsolidated affiliated companies
—

 
12.6

 
6.0

 
—

 
18.6

Other non-current assets
8.2

 
23.4

 
39.4

 
—

 
71.0

Total assets
$
2,368.0

 
$
2,725.6

 
$
3,427.1

 
$
(4,150.3
)
 
$
4,370.4

Liabilities and Total Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
100.1

 
$
846.4

 
$
—

 
$
946.5

Accrued liabilities
6.4

 
102.8

 
310.8

 
—

 
420.0

Current portion of long-term debt
10.1

 
—

 
146.2

 
—

 
156.3

Total current liabilities
16.5

 
202.9

 
1,303.4

 
—

 
1,522.8

Long-term debt
813.5

 
34.9

 
44.2

 
—

 
892.6

Deferred income taxes
139.4

 
(18.1
)
 
78.7

 
—

 
200.0

Intercompany accounts
—

 
1,250.5

 
378.4

 
(1,628.9
)
 
—

Other liabilities
—

 
108.3

 
134.8

 
—

 
243.1

Total liabilities
969.4

 
1,578.5

 
1,939.5

 
(1,628.9
)
 
2,858.5

Total Company shareholders’ equity
1,398.6

 
1,147.1

 
1,374.3

 
(2,521.4
)
 
1,398.6

Non-controlling interest
—

 
—

 
113.3

 
—

 
113.3

Total liabilities and equity
$
2,368.0

 
$
2,725.6

 
$
3,427.1

 
$
(4,150.3
)
 
$
4,370.4
Condensed Statements Of Cash Flows
Condensed Statements of Cash Flows
Six Fiscal Months Ended June 29, 2012
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash flows of operating activities
$
33.1

 
$
(42.6
)
 
$
(7.6
)
 
$
—

 
$
(17.1
)
Cash flows of investing activities:
 
 

 
 
 
 
 
 
Capital expenditures
—

 
(12.1
)
 
(51.8
)
 
—

 
(63.9
)
Proceeds from properties sold
—

 
—

 
4.2

 
—

 
4.2

Acquisitions, net of cash acquired
—

 
—

 
(7.3
)
 
—

 
(7.3
)
Other
—

 
(13.6
)
 
13.5

 
—

 
(0.1
)
Net cash flows of investing activities
—

 
(25.7
)
 
(41.4
)
 
—

 
(67.1
)
Cash flows of financing activities:
 
 
 
 
 
 
 
 
 
Preferred stock dividends paid
(0.2
)
 
—

 
—

 
—

 
(0.2
)
Excess tax benefits from stock-based compensation
0.1

 
—

 
—

 
—

 
0.1

Intercompany accounts
(33.2
)
 
44.5

 
(11.3
)
 
—

 
—

Proceeds from other debt
—

 
466.3

 
411.5

 
—

 
877.8

Repayments of other debt
—

 
(439.9
)
 
(350.9
)
 
—

 
(790.8
)
Dividends paid to non-controlling interest
—

 
—

 
(1.9
)
 
—

 
(1.9
)
Proceeds from exercise of stock options
0.1

 
—

 
—

 
—

 
0.1

Net cash flows of financing activities
(33.2
)
 
70.9

 
47.4

 
—

 
85.1

Effect of exchange rate changes on cash and cash equivalents
0.1

 
(4.8
)
 
8.5

 
—

 
3.8

Increase (decrease) in cash and cash equivalents
—

 
(2.2
)
 
6.9

 
—

 
4.7

Cash and cash equivalents – beginning of period
0.1

 
12.4

 
421.6

 
—

 
434.1

Cash and cash equivalents – end of period
$
0.1

 
$
10.2

 
$
428.5

 
$
—

 
$
438.8


Condensed Statements of Cash Flows
Six Fiscal Months Ended July 1, 2011
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net cash flows of operating activities
$
19.3

 
$
(20.1
)
 
$
(81.7
)
 
$
—

 
$
(82.5
)
Cash flows of investing activities:
 
 
 
 
 
 
 
 
 
Capital expenditures
(0.2
)
 
(9.2
)
 
(46.1
)
 
—

 
(55.5
)
Proceeds from properties sold
—

 
0.1

 
2.7

 
—

 
2.8

Acquisitions, net of cash acquired
—

 
—

 
—

 
—

 
—

Other
—

 
(16.8
)
 
17.6

 
—

 
0.8

Net cash flows of investing activities
(0.2
)
 
(25.9
)
 
(25.8
)
 
—

 
(51.9
)
Cash flows of financing activities:
 
 
 
 
 
 
 
 
 
Preferred stock dividends paid
(0.2
)
 
—

 
—

 
—

 
(0.2
)
Excess tax benefits from stock-based compensation
0.7

 
—

 
—

 
—

 
0.7

Intercompany accounts
(49.2
)
 
3.6

 
45.6

 
—

 
—

Proceeds from other debt
—

 Proceeds from other debt
484.6

 Proceeds from other debt
387.0

 Proceeds from other debt
—

 Proceeds from other debt
871.6

Repayments of other debt
—

 
(442.5
)
 
(316.8
)
 
—

 
(759.3
)
Dividends paid to non-controlling interests
—

 
—

 
(2.8
)
 
—

 
(2.8
)
Proceeds from exercise of stock options
0.7

 
—

 
—

 
—

 
0.7

Net cash flows of financing activities
(48.0
)
 
45.7

 
113.0

 
—

 
110.7

Effect of exchange rate changes on cash and cash equivalents
—

 
0.2

 
(13.2
)
 
—

 
(13.0
)
Increase (decrease) in cash and cash equivalents
(28.9
)
 
(0.1
)
 
(7.7
)
 
—

 
(36.7
)
Cash and cash equivalents - beginning of period
29.0

 
8.0

 
421.7

 
—

 
458.7

Cash and cash equivalents - end of period
$
0.1

 
$
7.9

 
$
414.0

 
$
—

 
$
422.0
Intercompany Cash And Non-Cash Transactions
A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below for the six fiscal months ended June 29, 2012 and the twelve months ended December 31, 2011:
(in millions)
June 29, 2012
 
December 31, 2011
Beginning Balance
$
1,210.4

 
$
1,169.7

Non-cash transactions
 
 
 
Deferred tax
2.1

 
8.0

Equity based awards
7.1

 
12.7

Foreign currency and other
(3.7
)
 
(1.0
)
Cash transactions
33.2

 
21.0

Ending Balance
$
1,249.1

 
$
1,210.4
Parent Company Long-Term Financing Arrangements
At June 29, 2012 and December 31, 2011, the Parent Company was party to the following long-term financing arrangements:
(in millions)
June 29, 2012
 
December 31, 2011
Subordinated Convertible Notes due 2029
$
429.5

 
$
429.5

Debt discount on Subordinated Convertible Notes due 2029
(263.7
)
 
(264.4
)
1.00% Senior Convertible Notes due 2012
10.6

 
10.6

Debt discount on 1.00% Senior Convertible Notes due 2012
(0.2
)
 
(0.5
)
0.875% Convertible Notes due 2013
355.0

 
355.0

Debt discount on 0.875% Convertible Notes due 2013
(30.7
)
 
(40.6
)
7.125% Senior Notes due 2017
200.0

 
200.0

Senior Floating Rate Notes
125.0

 
125.0

Other
9.0

 
9.0

Total Parent Company debt
834.5

 
823.6

Less current maturities
10.4

 
10.1

Parent Company Long-term debt
$
824.1

 
$
813.5
Parent Company Debt Maturities
(in millions)
Q2 2013
 
Q2 2014
 
Q2 2015
 
Q2 2016
 
Q2 2017
Debt maturities twelve month period ending
$
10.4

 
$
324.3

 
$
—

 
$
125.0

 
$
—